The bill of Mexico to regulate cryptocurrency exchanges has been approved by the lower house of Congress of the country and is now awaiting the signature of President Enrique Pena Nieto to become law. The crypto operators have 12 months to comply, a local crypto exchange that is explained to news.Bitcoin.com.
The crypto bill of Mexico is approved.
Reuters reported that the bill of Mexico to regulate the fintech sector, which also includes some rules on crowdfunding and cryptocurrency firms, has been approved by the lower house of Congress of the country. In December 2017, this bill was approved by the Senate of the country. Now, it is waiting for the signature of the President Enrique Pena Nieto.
The news outlet described that the bill “seeks to promote some financial stability, as well as prevent money laundering.” The National Banking and Securities Commission (CNBV), the central banks, as well as the finance ministry are soon going to begin drafting “secondary laws, which are going to determine key details for bank acccounts of the companies in the sector.” They are also expected “in the coming months,” the publication noted, adding:
The law is going to give fintech companies greater regulatory certainty around some problems like crowdfunding payment methods, as well as rules surrounding cryptocurrencies such as Bitcoin.
Changes to the Mexican crypto landscape.
In one exclusive interview last week with news.Bitcoin.com, Daniel Luévano, the Director of Operations at Mexican cryptocurrency exchange ISBIT, explained what the passage of this bill means to the crypto exchanges, as well as what impact it has on the Mexican crypto ecosystem.
According to him, the law is going to require cryptocurrency operators to be approved by the Bank of Mexico as Financial Technology Institutions (ITFs).
Those ITFs which the central bank will approve can legally operate with cryptocurrencies and “all financial institutions are going to have permission to work with” ITFs, Luévano explained. He asserted: “ITFs are going to be considered just as important as banks are.”
He added that anti-money laundering (AML), as well as counter-terrorist financing (CTF) measures “are going to be a significant requirement for exchanges.”
“ITFs are also going to be constantly audited; everything has to be transparent to regulations and consumers.”
Crypto exchanges are also going to have 12 months to comply with the new law once signed by the president, Luévano clarified. As for which cryptocurrencies will be permitted by the law, he said:
The bank of Mexico is going to decide which cryptocurrencies are permitted to be listed on the exchanges.